| Corporate Finance -
Semester
alef 2016-17 Yossi Spiegel |
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| Description:
This course is intended for research
students
either at the master or Ph.D level. The main purpose of the
course
is to give research students tools to write their own research in
corporate
finance and to give them enough background about the field so they can
comfortably read the current literature in the field. Given its purpose
the course will not merely cover the basic ideas but will also go into
technical details which are crucial for writing research papers (as
such
the course will not be "easy" and will require substantial amount of
work). The course focuses on theoretical models of capital
structure and
payout
policies. We will start with the M&M invariance
results (both
for capital structure and dividend payments) and then will examine
models
that explain why capital structure and payout policies do
matter. The driving forces in these models will be taxation,
agency frictions,
asymmetric information, the market for corporate control, and
interaction
with competition in the product market. Syllabus |
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| Evaluation:
Evaluation will be based on a final exam.
The final exam will be held on Sunday, 5/3/2017 (but
check the yedion
to be 100% certain). The exam will be open
book - you
would be able to use any
material you'd like.
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| Additional
material:
For an excellent survey of the literature on capital structure, see Harris
M and A. Raviv, (1991) "The Theory of Capital Structure," Journal of
Finance,
46(1), 297-355.
Another
useful
overview of the literature is Myers
S. "Capital Structure," Journal of Economic Perspectives, 15(2), 81-102. |
| The tentative plan for the course* |
| * An important remark: the plan for the course is only tentative. It is very likely that during the semester some changes and adjustments will have to be made. |
| Last updated: Tuesday, September 6, 2016 |